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Creating the future of energy
http://www.energyfortomorrow.eu/ May 2019
DisciplineFocusGrowth
• Focus: Europe’s first energy player with exclusive downstream focus
• Unique downstream footprint: RAB and customer numbers rise >60%1
• Earnings quality: network EBIT share rises to ~80%1
• Strong synergies: fading nuclear earnings overcompensated by €600-800m synergies
• Attractive dividends: commitment to deliver annual dividend per share growth
• EPS accretion: from second year after closing
• Solid capital structure: high commitment to strong BBB rating
• Limited cash impact: acquisition of RWE‘s 76.8% in innogy via asset exchange; attractive offer to minority shareholders
Nat. Grid EngieEnelFutureE.ON
Iberdrola
~341, 3
EngieEnel FutureE.ON
~531
Iberdrola
Regulated Asset Base (RAB € bn)Regulated Asset Base (RAB € bn)
Customer Numbers (m)Customer Numbers (m)
IberdrolaEnel2 Engie2
~51
FutureE.ON
Nat. Grid2
EBIT (€ bn)EBIT (€ bn)
Creating the future of energy
1. Future E.ON pro-forma EBIT 2018 (innogy data based on public information), 2. Bloomberg/company data,3. RABs from different regulatory regimes are not directly comparable due to significant methodical differences.
2
Creating two focused energy companies
E.ONE.ON RWERWE
Future E.ONFuture E.ON RWERWE16.67%
Target structureTarget structure
Structure todayStructure today~77% innogy~77% innogy
3
Acquisition of innogy via innovative asset exchange
innogy
76.8%(RWE)
23.2%(Min. share-
holders)
Total equity value: ~€22bn16.67% Stake in Future E.ON
(~€3.7bn)
E.ON & innogy Renewables&
Other Assets(~€13.5bn)1
Cash payment to E.ON (- €1.5bn)
Offer price and innogy dividend for 2017 and ’18 (~€5.2bn)
1. Acquisition of RWE‘s 76.8% stake in innogy via asset exchange
2. RWE to get in exchange:• 16.67% in new E.ON via 20% capital increase against
contribution in kind (authorized capital)• E.ON‘s and innogy‘s renewables businesses4
• Additional assets: E.ON’s minority stakes in two RWE operated nuclear power plants2, innogy’s gas storage business and minority participation in Kelag
3. RWE receives innogy dividends for 2017 and 20184. Net cash payment from RWE to E.ON of €1.5bn3
5. Attractive cash offer to minority shareholder in innogy with total value of €40.00 per share (offer price (€36.76) plus FY 2017 dividend of €1.60 per share, plus expected dividend of €1.64 per share for FY 2018)
Asset exchange (limited cash impact)
Cash element
1. Equity value for transfer perimeter, 2. Gundremmingen C (25% stake) and Emsland (12.5% stake), 3. Payment to balance asset valuation, 4. Excludes 20% in Rampion and certain onshore capacity indirectly held by E.ON and innogy.
Innogy dividends (~€1.4bn)
4
Top end of guidance
Top end of guidance (+5% YoY)
Leverage target of 3.4x achieved
Committed to annual DPS growth:€0.43 for 2018 €0.46 for 2019
3-4% EBIT CAGR3
5-10% EPS CAGR3
Transacting from a position of strength
EBIT€3.0bn1
EBIT€3.0bn1
ANI€1.5bn1
ANI€1.5bn1
END€16.6bn1
END€16.6bn1
DividendDividend
2018-20 Growth
2018-20 Growth
Group EBITDA
~€8bn2
Customer Solutions
>31mCustomers1
~53mCustomers2
Energy Networks
~€20bn RAB1, 4
~€34bn RAB2, 4
€5bn1
1. E.ON standalone 2018 reported, 2. Future E.ON pro-forma 2018 (innogy data based on public information), 3. 2018-2020 based on existing portfolio (E.ON standalone), 4. RABs from different regulatory regimes are not directly comparable due to significant methodical differences.
Regulated Non-regulated
E.ON today Future E.ON (’18)E.ON today (’18)
E.ON standalone
5
Sweden1
~€4bn ~1m- ~11m1,2
NL/BE
- ~4m2
Germany3
~€20bn ~14m
CEE3
~€9bn4 ~14m
Turkey1
~€1bn ~10m
Unique downstream position across Europe
Energy Networks (RAB)
Customer Solutions (number of customers)
Southern Europe
- ~1m3
1. E.ON 2018 reported, 2. innogy 9M 2018 reported, 3. Future E.ON pro-forma 2018 (innogy data based on public information), 4. RABs from different regulatory regimes are not directly comparable due to significant methodical differences.
UK
6
Focus, scale and efficiency pre-requisite for success
DigitizationElectrificationNew culture &
capabilities
Empoweredcustomers
De-carbonization
• Future E.ON’s unique downstream positioning fully captures benefits of energy mega trends
• Creating markets for customers through our products, services, technologies
• “Go to” partner for politicians and regulators in designing the energy transition
• Combining innovation power to enhance development of state-of-the-art products
• Synergies improve cost position and roll-out speed
• Innovative services levered on significantly higher customer number
Mega trends accelerate and reinforce each other Mega trends accelerate and reinforce each other
Focus, scale and efficiency needed in New Energy World
Focus, scale and efficiency needed in New Energy World
7
Spin-off Uniper& reset of E.ON
2016 2018 2020 and beyond
Position of strength Position of strength
• Strong financial & operational delivery
• Proven performance culture
• Balance sheet headroom
Transition yearTransition year
On track to successfully conclude strategic transformation journey
Unique strategic positionUnique strategic position
• Focus on regulated networks and infrastructure-like & pace-setting customer solutions
• Portfolio simplification
• Enhanced earnings quality: ~80% of EBIT1 is regulated
• Committed to annual dividend per share growth
• Focus on regulated networks and infrastructure-like & pace-setting customer solutions
• Portfolio simplification
• Enhanced earnings quality: ~80% of EBIT1 is regulated
• Committed to annual dividend per share growth
Digitization Operationalexcellence
Capitaldiscipline
E.ON’s guiding principles
Customer-led
1. Future E.ON pro-forma 2018 (innogy data based on public information) 8
Potential for premium valuation
Potential for premium valuation
3
4
5
6
7
8
9
10
11
12
Value creation for shareholders
Instant redeployment of
capital
Renewables1
Platformfor high
net synergies (€600-800m)
Platformfor high
net synergies (€600-800m)
Shareholder value
creation
1. Enterprise value (schematic)
Renewables11x EV/EBITDA
innogy acquisition at ~10x EV/EBITDA
Realization of valuation premium
9
Integration of innogy provides for strong synergy potential
2019 2020 2021 2022
Estimated net synergies (€ m)2Estimated net synergies (€ m)2 Synergy focus1, 2Synergy focus1, 2
€600-800m
~55%
~25%
~5% •Strong synergy potential of €600-800m
•~5,000 FTEs affected (~7% of employee base)
•Strong synergy potential of €600-800m
•~5,000 FTEs affected (~7% of employee base)
Corporate Functions & IT
Energy Sales & Customer Solutions
Energy Networks~100%
1. Synergy split (€ million), 2. Future E.ON pro-forma 2018 (innogy data based on public information). 10
~80%2
~62%1
Regulated Non-regulated
E.ON today Future E.ON
Share of regulated network earnings (EBIT)Share of regulated network earnings (EBIT)
Attractive earnings & dividend profile secured long-term
Synergies to over-compensate fading nuclear earnings
Synergies to over-compensate fading nuclear earnings
0
1
2
3
4
5
6
E.ON stand-alone
EBIT development3
Enlarged E.ON
2018 2019 2020 2021 2022
1. E.ON 2018 reported, 2. Future E.ON pro-forma 2018 (innogy data based on public information), 3. Schematic illustration. 11
• Nuclear provisions: ~€0.9bn• AROs (Renewables): ~€0.9bn• Tax equity liabilities
(Renewables): ~€0.6bn• Pension provisions
(Renewables): ~€0.4bn
Pro forma Economic Net Debt 2018
~16.6~3.0
~10.3
~3.3
Economic Net Debt 2018
E.ON today1 (€ bn)
~34
Economic Net Debt 2018
Net financial position Provisions for pensions Asset-retirement obligations
1. E.ON 2018 reported, 2. Future E.ON pro-forma 2018 (innogy reported FY 2018), 3. E.ON will address structural subordination post closing, 4. Nord Stream I stake
~1+ Transfer of NS14 into CTA
( )Further deleveraging measures
to be realized in ‘19 (€ bn)
Includes:• Acquisition of 23.2% minority shares • €1.5bn cash payment from RWE
Future E.ON2, 3 (€ bn)
~€2.8bn debt transferred to RWE
~€2.8bn debt transferred to RWE
12
Includes successful monetization of Uniper shares
Adoption of IFRS 16: Impact on E.ON financials & KPIs
Changes for the lessee (illustrative)
Balance Sheet Profit & Loss
Equity(Equity ratio )
Liabilities
Assets
Right-of-useassets Lease liabilities
Sales
EBITDA
EBIT
EBT
Oper. expenses
Depreciations
Interest result
Sales
EBITDA
EBIT
EBT
Oper. expenses
Depreciation
Interest result
ante IFRS 16adoption
post IFRS 16adoption
• Objective: Ensuring that lessees and lessors provide relevant information that faithfully represent leasing transactions.
• Adoption obligatory starting 2019.
• No significant changes for lessors, lessees may apply certain exemptions for shorter-term leases (<12 months) and/or leases for low value assets.
• P&L: EBIT(DA) to improve, interest expense to increase; no effect on Adj. Net Income level.• Balance Sheet: Economic Net Debt (END) to increase, following increase in lease liabilities.IFRS 16
IFRS 16 in short
13
Investor agreement with RWE ensures equal treatment of shareholders
Preamble • RWE to act purely as financial investor
CorporateGovernance
Shareholder structure and rights
• Right to nominate one Supervisory Board member
• Not allowed to increase stake above 16.67%
• Not allowed to sell to an E.ON competitor
14
2019201920182018 2021202120202020
1. Payment to balance asset valuation, 2. Transfers of E.ON minority shares in the two RWE-operated nuclear power plants Gundremmingen (25% stake) and Emsland (12.5% stake) to RWE.
1st Closing• E.ON becomes ≥76.8%
shareholder in innogy• RWE becomes 16.67%
shareholder in E.ON (20% capital increase)
• €1.5bn cash payment to E.ON1
• Transfer of other assets2
1st Closing• E.ON becomes ≥76.8%
shareholder in innogy• RWE becomes 16.67%
shareholder in E.ON (20% capital increase)
• €1.5bn cash payment to E.ON1
• Transfer of other assets2
2nd Closing• Transfer of E.ON and innogy RES Assets• Transfer of Kelag participation and gas storage assets of
innogy
2nd Closing• Transfer of E.ON and innogy RES Assets• Transfer of Kelag participation and gas storage assets of
innogy
Voluntary public takeover offer (PTO)
ended 25 July
Acceptance rate: 9.4%
Voluntary public takeover offer (PTO)
ended 25 July
Acceptance rate: 9.4%
Transaction timeline
Antitrust approvalsFull legal integration
Integration & synergies
15
Official filing of transaction with EU Commission on 31st January 2019
Schematic merger control proceedings
Pre-notificationPre-notification
Simplified overview of process steps of EU merger control proceedings(possible (partial) referrals to national authorities not taken into account1)
PreparationsPreparationsPhase I
(25 working days)Phase I
(25 working days)Phase II
(90 working days + extensions)Phase II
(90 working days + extensions)
• Draftingnotificationdocuments
• Discussing draft notification, responding to information requests
• Finalizing notification
• Assessing notification
• Obtaining additional information requests
• Analyzing market segments in detail
• Negotiating potential conditions
May 2018Second half of 2019
Expected EU Commission clearance decision
Phase II investigations started byEU Comm. on 7th March 2019
1. Federal Cartel Office Germany, CMA, CEE 16
Official filing of transaction with EU Commission on 31st January 2019
Investment highlights
Starting from position of strength: Creating the future of energy
Unique downstream positioning with ~80% regulated earnings1Focus
Commitment to deliver annual dividend per share growthGrowth
Renewables value crystallization and €600-800m synergies High commitment to strong BBB rating Discipline
1. Future E.ON pro-forma 2018 (innogy data based on public information). 17
Q1 2019 Results
May 13th, 2019
DisciplineFocusGrowth
E.ON standalone
On track to deliver FY 2019 outlook
EBIT down 8%, Adj. Net Income down 11% as expected, compared to exceptionally high basein Q1 2018
Economic Net Debt increasing as a result of adoption of IFRS 16, lower interest rates and seasonally weak cashflow
Full year 2019 outlook confirmed
Fixed dividend of €0.46/share to be proposed for 2019
Preparation of innogy takeover fully on track
HighlightsHighlights
1,284
727
1,175
650
EBIT Adj. Net Income
Q1 2018 Q1 2019
Key Financials1Key Financials1
€ m
1. Adjusted for non operating effects 2. Economic Net Debt as per 31 Mar 2019 and 31 Dec 2018
Economic Net Debt2
18.9
16.6
€ bn
!!
!
E.ON standalone
19
innogy transaction progressing well amid sound operational performance
• Antitrust approval on trackEU Case team in phase II investigations
• Integration project moving onSenior management selection process on track
• Target of €600-800m net synergies by 2022 reiterated
Strong operational development inCustomer Solutions Germany• More than 100,000 profitable new customers in Q1 2019
Capacity buildout• Start of construction of two onshore windfarms in Texas
(Cranell 220MW, Peyton Creek 150MW)
Solid performance in Energy networks• Continuous implementation of ambitious RAB growth
E.ON standalone
20
• Germany: timing effect from higher grid fees and gas procurement costs, warm weather
• UK: regulatory effects (i.e. SVT price cap), competitive dynamics
• Preussen Elektra: higher achieved prices, higher volumes due to plant outage in 2018, higher depreciation, absence of 2018 one-off
• Turkey: oper. improvements (mainly hydro)
• Germany: new regulatory period power• Sweden: power tariff increase, disposal of gas
network in Q2 2018, adverse FX development
• Onshore: capacity additions (US)• Onshore: support scheme expiries• Offshore: capacity additions (Germany & UK)
EBIT development in line with expectations
+40
+55
1,284
-19
Renewables
Customer Solutions
Non-Core
Q1 2018
Energy Networks
-173
-12Corp. Functions
& Other, Consolidation
Q1 2019 1,175
-109
EBIT1 Q1 2019 vs. Q1 2018€ m
1. Adjusted for non operating effects
Energy Networks
Customer Solutions
Renewables
Key Q1 Effects
Non-Core
+/–
+
–
+
+
+
+/–
–
–
+/–
–
E.ON standalone
21
Adj. Net Income reflecting EBIT development
Q1 2019€ m
1. Adjusted for non operating effects 2. Without interest accretion of nuclear provisions
EPS (€ per share)
1,175
997
650
Interest on fin. assets/
liabilities2
Group EBIT1
-249
-156
-22
Profit before Taxes1
Other interestexpenses
Income Taxes
-98Minorities
AdjustedNet Income1
Stable tax rate of 25%
€0.30
Unchanged yoy: refinancing benefits compensated by higher interest charges following IFRS 16 adoption
E.ON standalone
22
END impacted by technical and seasonal effects
-0.4-0.6 0.0 0.0 -0.2
-0.8 -0.2
-3.0
-5.0
-3.5
END Q1 2019InvestmentsOCF
-3.3
Other
-10.3
-16.6
-18.9
END FY 2018
0.0
PensionsDivestments AROs IFRS 16
-10.3
Dividend
-2.3€ bn
END1 Q1 2019 vs. FY 2018
1. Economic net debt definition takes into account the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS AROs2. Actuarial interest rates for German pensions down 30bps to 1.7%, for UK pensions down 40bps to 2.5% (31 Mar 2019)
AROs
Pension provisions
Net financial position
Initial adoption of IFRS 16 leading to technical increase of Economic Net Debt
Positive pension asset per-formance overcompensatedby discount rate decline2
E.ON standalone
23
1. Adjusted for non operating effects 2. Fixed dividend per share proposal to AGM to be paid in 2020 3. Preussen Elektra
FY 2019 outlook confirmed
Energy Networks Customer Solutions
Renewables Non-Core
• Germany: new regulatory period power• Sweden: power tariff increases
(already implemented)+
• Germany & UK: restructuring chargesin 2018
• UK: regulatory interventions(i.e. SVT price cap)
• Onshore: capacity additions, support scheme expiries
• Offshore: capacity additions (Arkona, Rampion)
• PEL3: increased wholesale prices, higher depreciation, one-offs in 2018
€2.9–3.1 bn
€1.4–1.6 bn
EBIT
1A
dj. N
I1
€0.46
Div
iden
d2
Outlook 2019 Effects for the remainder of 2019
+
+/–
+
+
–
+/–
E.ON standalone
24
Appendix
E.ON Group
DisciplineFocusGrowth
E.ON standalone
Continuous track record of delivery
1. Adjusted for non operating effects.
2016 2017 2016 2018
€26.3bn
5.3x
3.9x3.4x
€19.2bn€16.6bn
~€10bn
2016 2018
€2.7-€3.1bn
€2.8-€3.1bn
€0.6-€1.0bn
€1.2-€1.45bn
€3.1bn €3.1bn
€0.9bn
€1.4bn
EBIT1 vs. guidance EBIT1 vs. guidance Adj. Net Income1 vs. guidanceAdj. Net Income1 vs. guidance Deleveraging achieved –Significant reduction of END
Deleveraging achieved –Significant reduction of END
2018
€2.8-€3.0bn
€3.0bn
2017
€1.3-€1.5bn
€1.5bn
Guidance Range
2017
E.ON standalone
27
Dividend continues to grow
Dividend per share growth
2018 & 2019: Fixed Dividend
€0.21
FY 2017Dividend
FY 2016 Dividend
€0.30
€0.431,3
FY 2018Dividend
€0.462,3
FY 2019Dividend
FutureDividends
1. Fixed for FY 2018 (paid in 2019) 2. Fixed for FY 2019 (paid in 2020) 3. Dividend proposals in line with existing dividend policy
Commitment toannual DPS
growth
E.ON standalone
28
Energy Networks – Proven efficiency leadership
E.ON excels in efficiency benchmarkingAll DSOs 100% efficient1
General efficiency factor
Reduction of general efficiency factorFrom 1.5% 0.9%
Cost audit
Cost audit successfully completed
Proof of E.ON‘s leading operational excellence
Individual efficiency factor
1. Two DSOs exceed 100% efficiency and will receive a bonus of 1% of controllable costs p.a. as additional allowed revenue2. 204 DSOs have been included in the benchmarking process; 27 are entitled to additional super efficiency bonus
All four E.ON DSOs with efficiency score of 100% vs. 94% industry average2
50% of E.ON DSOs even receive an additional efficiency bonus vs. 13% for industry average2
Regulatory review in German power networks – Performance culture in practice
E.ON standalone
29
Upgrading long-term network capex growth
• Main driver is additional replacement investments
• Conservative assumptions on Renewables and E-mobility roll-out
• Acceleration of Renewables build-out• Digital layer & fully digital equipment• E-mobility• Electrical heating• Smart meter
Cautious planningCautious planning
Potential upsides to “new normal” levelPotential upsides to “new normal” level
Energy networks capex (€ m)
0.4 0.5
1.0
0.3 0.3
0.70.8
1.6
2017 beyond 2020 "new normal"
2018
1.4
SwedenGermany CEE
Disciplined & gradual ramp-up
Disciplined & gradual ramp-up
1.7
1.8
1.9Additional ~€100m p.a.
for long-term capex run-rate
E.ON standalone
30
Accelerating power RAB growth
Germany
~€8bn
Power RAB (€ m) Power RAB1
1. Based on constant FX rates (SEK/EUR 2018: 10.26; CZK/EUR 2018: 25.65)2. Growth includes revaluation of RAB from 2020 onwards according to new methodology (due to change in depreciation times). Effect ca. ~€0.5bn in 2020
~8.0
2017
~8.3
2018 2020
+ 8-10%
+6%
Targeting upper end of growth range
+10%
Czech RepublicSwedenPower RAB (€ m) 1
~3.5
20202017
~3.7
2018
~1.4
2017
~1.5
2018 2020
Power RAB (€ m) 1,2
New growth range
+16%
+12%
New growth range
+11%
+15%
+8%
+20%+25-30%+20-25%+15%
+11%
+30%
+25%
+25%NewNew NewNew
NewNew
OldOldOldOld OldOld
E.ON standalone
31
Capex split 2019 & 2020
Capex1 2019Capex1 2019
1.7
0.81.1
Energy Networks Renewables Customer Solutions
~€3.6bn ~€3.7bn
Increase in capex drives long-term EBIT growth
Capex focused on Energy Networks and infrastructure-like Customer Solutions
Strict adherence to capital return targets (e.g. Group ROCE target 8-10%)
Growth
Focus
Discipline
Capex1 2020Capex1 2020
1.8
1.10.8
1. Gross capex, not including divestments
E.ON standalone
32
Drive value creation Absolute annual dividend growth
Sustainable & resilient EPS growth
Customer-led Digitization Operational excellence
Capitaldiscipline
E.ON‘s guiding principles
33
E.ON standalone
Highly stable business profile
Business profile
High share of regulated and long-term contracted earnings (~3/4 of EBITDA)
Predominantly quasi-regulated or contracted earnings in heat operations and RenewablesRemaining merchant exposure in Renewables and PreussenElektra largely hedged
Operations in Energy Networks under stable, well established frameworks in low risk markets with strong regulatory track record
FY EBITDA 20181
~3/4 from regulated/long-term contracted businesses2
1. Adjusted for non operating effects, representation in pie charts excluding Corporate Functions/Other; total figure including Corporate Functions/Other, 2. Including Energy Networks and a portion of Renewables and Heat.
57%
15%
11%
17% Energy Networks
Renewables
Customer Solutions
Preussen Elektra€4.8bn
E.ON standalone
34
Investment highlights
From deleveraging to focused and disciplined growth
Management team with strong shareholder focusFocus
Deliver sustainable EPS growth andcommitted to annual dividend per share growthGrowth
Strict capital discipline and high-performance cultureDiscipline
35
E.ON standalone
ReturnROCE1
8 – 10 %
E.ON FOCUS – Framework for 2018-2020Our basis for steering the company
1. Based on EBIT (= pre-tax), 2. OCF bIT divided by EBITDA, 3. Adjusted for non operating effects, FY 2018 as basis for medium-term outlook 2018-2020 (CAGR), 4. Total Shareholder Return, 5. Fixed for FY 2019 (paid in 2020).
CashCash conversion rate2
≥ 80 %
Executive CompensationClosely linked to EPS target achievement and relative TSR4 (in addition: share ownership obligations)
EPS3
Group+ 5-10% (CAGR)
AnnualDPS growth
Dividend
Fixed dividend 2019:€0.465
EBIT3
Group+ 3-4% (CAGR)
Capital StructureStrong BBB/Baa
E.ON standalone
36
Energy Networks
DisciplineFocusGrowth
E.ON standalone
Energy Networks
Power and gas business
Power business only
CEE &Turkey€5.8bn
Sweden€3.7bn
Germany€10.5bn
~€20.0bn2
Regulated asset base 20181
CEE &Turkey€0.4bn
Sweden€0.5bn
~€1.8bn
Germany€0.9bn
EBIT3 2018
19 2432
1227
Germany CEE & Turkey4Sweden
Market share (%)
350138
493
51 45
Germany
0
Sweden CEE & Turkey
Power Gas
Grid length (‘000 km) 1
∑ Grid length: 980
∑ Grid length: 96
1. 100% view for Slovakia and Turkey 2. Differences may occur due to rounding 3. Adjusted for non operating effects.4. Arithmetic average
~71% of group core
E.ON standalone
38
Turkey with extraordinary high RAB growth
Established in 3 high-growth regions
Leading electricity network operator: − 10.5 m connections− 223,000 km network length
(20% of market)
Constructive regulatory environment:− Allowed WACC for 2016-2020
regulatory period has been increased to 13.6% from 11.9% (pre-tax, real)
− Incentives to outperform capex, opex, and theft & loss allowances
High network investment due to:− Strong power demand growth of
>3% p.a.− Need for significant network
modernization
in bn TL, nominal
Regions
Target to more than double 2016 RAB by 2020
Target to more than double 2016 RAB by 2020
Downstream BusinessDownstream Business Market & RegulationMarket & Regulation RAB developmentRAB development
Strongly growing market with highly attractive returns
AnkaraIstanbul
Adana
>2x
3.9
5.3
2016 2017 2020
E.ON standalone
39
2018
6.9
Major transformation in Energy Networks
Single layer infrastructure (energy)
Physical linear network
Centralized system
Integrated energy system
Decentral, connected multi-layer infrastructure
More (semi-) autonomous local energy systems
Energy Network player
Energy network operatorFrom
Holistic system providerTo
Phys
ical
la
yer
Dig
ital l
ayer
Com
mun
i-ca
tion
laye
r
Data centerEMS Platforms
Network control center
Smart Home
Asset control systems
VPP
Local grid control
Smart Meter
Cloud
AntennaWifi
Block chain
Future energy network system will need to combine different layers of infrastructure
E.ON standalone
40
E.ON leading in smart grid projectsE.ON standalone
41
• Islanding capable smart micro grid solution• 100% renewable and locally produced electricity
Battery storage and demand side response e.g. heat pumps/water heaters
• Visualization of energy flows; frequency response; peer-to-peer market platform; Machine learning algorithms to use flexibilities
• Won the “Skånes vindkraftspris 2018”
Project Simris – Part ofProject Simris – Part of
Achieving energy autarky for small local communitiesPurposePurpose
MeansMeans
Swedish village Simris; micro grid successfully implemented in 2018
Project facts
Project facts
• Modernizing substations and 200km of power lines• Large-scale rollout of smart technology for higher
deployment of renewable sources (e.g. PV)• Improve failure rate, maintenance-related outages
and power losses• Improve effectiveness of girds and prepare for
future connections, like electric vehicles and batteries
Project Acon (Again connected networks)Project Acon (Again connected networks)
Integrating Czech and Slovak electricity markets & improving quality of supplyPurposePurpose
MeansMeans
Modernizing grid in border region between Slovakia and Czech Republic
Project facts
Project facts
E.ON supports customers to improve their energy situation
• Live dashboard of local energy situation e.g. renewable production, consumption, CO2 emission and autarky level
• Pilot municipalities Altdorf, Furth and Schrobenhausen
• Increase energy awareness and understanding• Tracking of energy saving measures
Energie MonitorEnergie Monitor
E.ON standalone
42
Create transparency for municipalities of their local energy situation as basis for improvementsPurposePurpose
MeansMeans
Co-developed with municipalities in Bavaria; product launch in summer 2018
Project facts
Project facts
• Development of an interface towards small scale customer assets e.g. charging electric heating
• Enabling customers to benefit from efficiency measures and optimized energy procurement costs
• Generate energy and cost savings for customers
Smart Grid Hub – part of Smart Grid Hub – part of
Create customer value by increasing energy efficiencyPurposePurpose
MeansMeans
Development of an interface to enable customer flexibilities; EU-funded
Project facts
Project facts
Customer
Smart Grid HubE.ON DSO
Operational excellence – digitization in practice
Effective investment decision Higher grid quality and customer
satisfaction Higher chances to win/retain concessions
Advanced Asset Management Advanced Asset Management
Direct-value add based on improved SAIDI performance and lower Opex
E.ON standalone
43
Tool
Tool
Impa
ct
Impa
ct
Combining a smooth user experience with efficient scheduling of works
Optimization of routes and outage remedy Flexibility for field technicians
Digital Workforce ManagementDigital Workforce Management
~ 6 % productivity gains
Conventional approach Introduce a new digital scalable work environment for every field technician and back officePredictive maintenance
Opportunities in adjacent businesses - Broadband
Growing from existing assetsGrowing from existing assets
E.ON's existing fiber-optic infrastructureE.ON's new fiber-optic infrastructure
A
Local transformer station
Fiber-optic cables in every street and to every household
Network operations center
Business building
Mobile cell tower
Telco X'sbackbone
Enterprise customer's data center
Point of Presence (Switch between backbone and access network)
Extension of existing businessExtension of existing business
Entering Fiber-to-the-Home (FttH) marketEntering Fiber-to-the-Home (FttH) marketB
New business concept in developmentNew business concept in development
E.ON standalone
44
Customer Solutions
DisciplineFocusGrowth
E.ON standalone
Customer Solutions
E.ON’s market positionE.ON’s market positionCustomer Focused PortfolioCustomer Focused Portfolio Energy Sales is the anchor businessEnergy Sales is the anchor business
City Energy Solutions (CES)2: 10% market share in Sweden
B2B Solutions: ~€2.1 bn TCV3 in 2018
Top 2
Top 2
Top 3
Top 3Top 3
Top 3
Top 10
Top 3
Energy Sales: 22 m1
customers in 8 countries
1. Excluding Turkey 2. Former segment ´Heat´ 3. Total Contract Value 4. Adjusted for non operating effects 5. B2C customers in Germany and UK
EBIT4 2018 (€ 413m)
CES
EnergySales
E.ON standalone
46
B2C – Differentiate and grow
Increaseefficiency Increase
efficiency Defend and grow
customer baseDefend and grow
customer baseAddress margin
pressureAddress margin
pressure
E.ON standalone
Defend: Increased loyalty / service excellence / NPS etc.
Expand the base: Profitably grow the base with core energy sales and energy sales bundles
Grow beyond: Home Energy Management Solutions (HEMS) with PV, batteries and eMobility
Digitization:Digital Attacker, customer analytics, market analytics
Optimize the organization: Streamlining, operational excellence (e.g. savings programs Germany & UK)
Reduce Cost-to-Serve (CtS): Digital Attacker with high self-serve share and reduced complexity in business processes
Effective retention:Win-back, preventive churn management
Reduce Cost-to-Acquire (CtA): Optimize channel mix, reduce dependency on brokers / portals / agencies Use customer journey on E.ON website to sell value added products Apply Artificial Intelligence to identify customer segments interested in our products & services
47
B2C - Re-inventing our customer business with the digital attacker
Cost efficiency
Cost efficiency
Superior servicesSuperior services
Innovative propositionInnovative proposition
<€ 10Market Leading
Cost to Serve
Synergiesacross regions
1-clickCustomer
journey
+50 NPS1
Quick response &
accurate billing
Singleplatform for
tariff innovations
Datadriven
propositions
Fasttime to market
Selflearning
functionality
Market leading
cost of change
Gradual replacement of legacy systems – customer focused with proven stability
1. Net Promoter Score
E.ON standalone
48
E.ON E.ON ambition
Cost-to-Serve ambition
€/customer account
On-siteGeneration
Energy Efficiency
Flexibility & Storage
On-site supply of heat, steam, power, cooling and pressurized air• Bespoke onsite power and heat supply ~5-200MW• Digitization of the entire value chain with IQ-CHP (intelligent, digital CHP)• AI-based solutions for remote O&M
Manage energy consumption• Optimization of energy and core manufacturing processes with AI, e.g. predictive maintenance • Cost reduction via digital platform, e.g. steering energy consumption data-based• Remote optimization to enable energy savings and asset reliability
Optimizing and monetizing central and decentral flexibility• Bundling flexibilities in a Virtual Power Plant platform and offering to the TSO• Forecasting annual maximum load for ensuring feed-in at the correct time • Load profile analysis, forecasting and peak shaving with grid fee savings up to 80%
New Solutions B2B
EnergyConsulting
Designing and delivering integrated energy solutions• Optimizing of a business' energy usage by designing highly individual integrated energy solutions• Running an energy audit to identify savings potential• Designing detailed action plan based on insights from energy audit
E.ON standalone
49
City Supply
City Quarter Solutions
Single Site Solutions
• Large-scale city heating & cooling solutions (e.g. in Malmö, Stockholm, Hamburg)
• Growth opportunities through new connections to established district heating networks & new grids (e.g. Berlin Schönefeld)
• Sustainable city districts with integrated heating & cooling solutions based on maximum of renewables (e.g. Tegel, Berlin; Elephant & Castle, London)
• Growth opportunities through new-build & retrofit of large areas or districts in cities
• Decentralized, sustainable local energy solutions (shopping malls – e.g. Westfield, London; Koppenstraße, Berlin, office buildings or hospitals)
• Growth opportunities through new-build & retrofit of large single sites in cities
New Solutions CES (City Energy Solutions)E.ON standalone
• Typical duration 20-40 years
• Typical TCV1 € 0.1–1bn
• Typical duration 20-40 years
• Typical TCV1 € 10-100m
• Typical duration 10-20 years
• Typical TCV1 € 1-20m
1. Total Contract Value50
New Solutions B2C
PV & Storage Home Heating Home Energy Mgmt. Solution
Future Energy Home eMobility
Solutions Infrastructure
E.ON standalone
Development of home energy management solution with Microsoft
Pilot project to offer Future Energy Home to customers with the Berkeley Group (UK)
Green Mortgages pilot with BNP Paribas to support financing for energy efficient homes
Developing Ultra-Fast-Charging network across Europe
Cooperation with Nissan to develop for de-centralized energy generation and storage
Launch of intelligent EV charging network with Virta
New market entry in Norway and Italy
Revenue growth of heating devices – boiler, heat pump, fuel cell, air-conditioning – across E.ON regions
Continuous development to provide comfort at home, e.g. cooling solution, smart-thermostat offering
Additional growth in key regions like Italy, UK, Sweden
Continuous improvement of integrated PV & eMobility propositions and attractive financing offerings
Roll-out of E.ON SolarCloud in additional markets
51
The nature of the business within Customer Solutions shows great diversity
Assetintensity
Sales cycle
Scalability(e.g. digital)
Energy contractsExample
PV & Storage Public chargingstation Onsite CHP City quarter
solution
Energy sales E-mobility CESB2C solutions B2B solutions
E.ON standalone
52
Temporary high investments for smart meter & ITTemporary high investments for smart meter & IT
Disciplined investment plan to support growth opportunities
Capex1 2019-2020 €1.6bn
1. Capex net of divestments
City Energy Solutions & B2B projects
Smartmeter
IT &efficiency
Other
E-mob
Partially temporary
Partially temporary
Infrastructure-likeinvestments
Infrastructure-likeinvestments
E.ON standalone
53
Renewables
DisciplineFocusGrowth
E.ON standalone
Renewables
3.9 GW 3.6 GW
1. Total gross capacity irrespective of the E.ON share2. Including 1 repowering project (historical capacity 258 MW; to-be capacity, currently under construction 275 MW)
€0.5 bn EBIT 2018(~20% of core EBIT)
~96% Long-term contracted or hedged until 2020
Strong track record with ~7.5 GW1 delivered
Active in 3 generation technologies and in batteries
1
HighlightsHighlights
Total capacity under constructionand repowering: 0.9 GW2
Capacity1Capacity1
1.8 GW
0.9 GW
0.3 GW
0.2 GW
0.2 GW
0.2 GW
Panther Creek(repowering)
West ofthe Pecos
Morcone
Nawrocko
Nysäter
Miltzow
E.ON standalone
55
Play at scale in Onshore - Attractive pipeline in Tier 1 geographies
Gross capacity additions 2019-2021 (MW)Gross capacity additions 2019-2021 (MW) Onshore pipeline Onshore pipeline
~6.3 GW
100% PTC
80% PTC
Other
∑~2.7 GW
COD2017
COD2018
COD2019
COD2020
COD2021
Onshore Offshore1 New Projects(Pre- FID pipeline)
1. 2018 COD: Rampion (Gross delivery: 400 MW, EU Offshore), Arkona (Gross delivery: 385 MW, EU Offshore)
E.ON standalone
56
Onshore pipelineOnshore pipeline
~2.0 GW
Nordic
Other EU
UK
Q1 2019 – Financial Appendix
DisciplineFocusGrowth
E.ON standalone
Financial Highlights
€m Q1 2018 Q1 2019 % YoY
Sales 8,752 9,162 +5
EBITDA 1 1,715 1,671 -3
EBIT 1 1,284 1,175 -8
Adjusted Net Income 1 727 650 -11
OCF bIT 359 27 -92
Investments 696 568 -18
Economic Net Debt ² -16,580 -18,853 -14
1. Adjusted for non operating effects, 2. Economic net debt as per 31 Mar 2019 and31 Dec 2018; Economic net debt definition takes into account the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS AROs
E.ON standalone
58
EBITDA1
0.0
OCF
-0.6
1.7
Interest Payments
Capex FCF
0.0
-0.3-0.2
Cash Adjustments3
Change in WC OCF bIT
-1.7
-0.4
-1.0Tax Payments
2%
Seasonally low Cash Conversion Rate2
Q1 2019€ bn
1. Adjusted for non operating effects, 2. Cash Conversion Rate: OCF bIT ÷ EBITDA, 3. Net non cash effective EBITDA items incl. provision utilizations and payments related to non operating earnings
E.ON standalone
59
HighlightsHighlights
Segments: Energy Networks
• Germany+ New regulatory period for power+ Regulatory effects in 2018
• Sweden+ Power tariff increase– Adverse FX development– Disposal of gas network in Q2 2018– Costs for storm “Alfrida” in early 2019
Energy NetworksEnergy Networks
138 136
151 143
353 344
Sweden
Q1 2018
642
Q1 2019
Germany
CEE & Turkey
623
-3%
1. Adjusted for non operating effects
EBIT1 € m
€m Q1 2018 Q1 2019 % YoY Q1 2018 Q1 2019 % YoY Q1 2018 Q1 2019 % YoY Q1 2018 Q1 2019 % YoY
Revenue 1,651 1,724 +4 293 277 -5 432 452 +5 2,376 2,453 +3
EBITDA 1 490 497 +1 190 184 -3 197 194 -2 877 875 -0
EBIT 1 353 344 -3 151 143 -5 138 136 -1 642 623 -3 thereof Equity-method earnings 16 17 +6 0 0 - 30 31 +3 46 48 +4 OCFbIT 23 -200 - 267 164 -39 164 189 +15 454 153 -66 Investments 108 167 +55 55 56 +2 108 74 -31 271 297 +10
TotalGermany Sweden CEE & Turkey
Det
ails
+/–
E.ON standalone
60
Segments: Customer Solutions
Customer SolutionsCustomer Solutions HighlightsHighlights• Germany Sales
– Timing effect from delayed pass-on of higher grid fees– Higher procurement costs for gas– Warm weather
• UK – Regulatory effects, mainly SVT2 price cap– Competitive dynamics– Higher third-party costs116 103
14859
128
57219
UK
Germany Sales
Q1 2018 Q1 2019
392
Other
-44%EBIT1 € m
1. Adjusted for non operating effects, 2. Standard Variable Tariff
€m Q1 2018 Q1 2019 % YoY Q1 2018 Q1 2019 % YoY Q1 2018 Q1 2019 % YoY Q1 2018 Q1 2019 % YoY
Revenue 2,013 2,157 +7 2,391 2,238 -6 2,341 2,608 +11 6,745 7,003 +4
EBITDA 1 135 67 -50 169 88 -48 159 148 -7 463 303 -35
EBIT 1 128 57 -55 148 59 -60 116 103 -11 392 219 -44 thereof Equity-method earnings 0 0 - 0 0 - 1 3 +200 1 3 +200 OCFbIT -169 -214 -27 -103 -16 +84 -76 -36 +53 -348 -266 +24 Investments 4 8 +100 40 36 -10 30 118 +293 74 162 +119
TotalUKGermany Sales Other
Det
ails
E.ON standalone
61
• Offshore/Other+ GE: Capacity additions (Arkona)+ UK: Capacity additions (Rampion)
• Onshore/Solar+ US: Capacity additions (Stella)– Support scheme expiries
Segments: Renewables
RenewablesRenewables HighlightsHighlights
58 55
113156
Onshore/Solar
Q1 2018 Q1 2019
Offshore/Other
171211
+23%EBIT1 € m
1. Adjusted for non operating effects
€m Q1 2018 Q1 2019 % YoY Q1 2018 Q1 2019 % YoY Q1 2018 Q1 2019 % YoY
Revenue 234 294 +26 167 184 +10 401 478 +19
EBITDA 1 97 101 +4 150 205 +37 247 306 +24
EBIT 1 58 55 -5 113 156 +38 171 211 +23 thereof Equity-method earnings 8 36 +350 OCFbit 228 197 -14 Investments 180 83 -54
Onshore Wind / Solar Offshore Wind / Others Total
Det
ails
E.ON standalone
62
Non-Core business
Non-CoreNon-Core HighlightsHighlights
124
29-15
135
Q1 2018 Q1 2019Generation
Turkey
PreussenElektra
109
164
+50%
• PreussenElektra+ Higher achieved power prices+ Higher volumes due to Grohnde outage in 2018– Higher depreciation– One-off effect in 2018
• Generation Turkey+ Operational improvements, mainly higher hydro volumes
PreussenElektra: Hedged Prices (€/MWh) as of 31 March 2019
EBIT1 € m
1. Adjusted for non operating effects
26
32
46
45
2018
2019
2020
2021
61%
22%
91%
Det
ails
100% €m
Q1 2018 Q1 2019 % YoY Q1 2018 Q1 2019 % YoY Q1 2018 Q1 2019 % YoY Revenue 278 336 +21 0 0 - 278 336 +21
EBITDA 1 159 184 +16 -15 29 +293 144 213 +48
EBIT 1 124 135 +9 -15 29 +293 109 164 +50 thereof Equity-method earnings 25 23 -8 -15 29 +293 10 52 +420 OCFbIT 112 143 +28 0 0 - 112 143 +28 Investments 7 2 -71 154 0 -100 161 2 -
TotalPreussenElektra Generation Turkey
E.ON standalone
63
Adjusted Net Income
€m Q1 2018 Q1 2019 % YoY
EBITDA 1 1,715 1,671 -3
Depreciation/amortization -431 -496 -15
EBIT 1 1,284 1,175 -8
Economic interest expense (net) -177 -178 -1
EBT 1 1,107 997 -10
Income Taxes on EBT 1 -277 -249 +10
% of EBT 1 -25% -25% -
Non-controlling interests -103 -98 +5
Adjusted Net Income 1 727 650 -11
1. Adjusted for non operating effects
E.ON standalone
64
Reconciliation of EBITto IFRS Net Income
1. Adjusted for non operating effects
€m Q1 2018 Q1 2019 % YoY
EBITDA 1 1,715 1,671 -3
Depreciation/Amortization/Impairments -431 -496 -15
EBIT 1 1,284 1,175 -8
Reclassified businesses of Renewables -165 -204 -24
Interest result -190 -261 -37
Net book gains 104 12 -88
Restructuring -26 -38 -46
Mark-to-market valuation of derivatives 213 -203 -195
Impairments (net) 0 0 -
Other non-operating earnings -40 -10 +75
Income/Loss from continuing operations before income taxes 1,180 471 -60
Income taxes -222 -150 +32
Income/loss from continuing operations 958 321 -66
Income/loss from discontinued operations, net 75 172 +129
Net income/loss 1,033 493 -52
E.ON standalone
65
Cash effective investments
€m Q1 2018 Q1 2019 % YoY
Energy Networks 271 297 +10
Customer Solutions 74 162 +119
Renewables 180 83 -54
Corporate Functions & Other 9 25 +178
Consolidation 1 -1 -
Non-Core 161 2 -99
Investments 696 568 -18
E.ON standalone
66
Economic Net Debt1
1. Economic net debt definition takes into account the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS AROs, 2. Net figure; does not include transactions relating to our operating business or asset management
€m 31 Dec 2018 31 Mar 2019
Liquid funds 5,423 3,815
Non-current securities 2,295 2,792
Financial liabilities -10,721 -11,749
Adjustment FX hedging ² -28 107
Net financial position -3,031 -5,035
Provisions for pensions -3,261 -3,493
Asset retirement obligations -10,288 -10,325
Economic Net Debt -16,580 -18,853
E.ON standalone
67
Economic interest expense (net)
€m Q1 2018 Q1 2019 Difference
(in € m)
Interest from financial assets/liabilities -156 -156 +0
Interest cost from provisions for pensions and similar provisions -16 -15 +1
Accretion of provisions for retirement obligation and similar provisions -20 -17 +3
Construction period interests¹ 8 3 -4
Others 8 7 -2
Net interest result -176 -178 -2
1. Borrowing cost that are directly attributable to the acquisition, construction or production of a qualified asset. Borrowing cost are interest costs incurred by an entity in connection with the borrowing of funds (Interest rate: 5.37%).
E.ON standalone
68
2020 20252019 2021 20232022 2024 ≥2026
1.11.4
0.8
0.10.4
0.6
0.0
4.9
EUR OtherUSDGBP JPY
Financial Liabilities
Maturity profile (as of end Q1 2019)2
€ bn
1. Balance sheet value (IFRS) considering discontinued operations2. Bonds and promissory notes issued by E.ON SE and E.ON International Finance B.V. (fully guaranteed by E.ON SE)
Liquidity Sources (as of Q1 2019)€ bn
Liquid funds1 ~3.7
Non-current securities ~2.8
Total ~6.5
Syndicated loan (undrawn) 2.75
€ / $ Commercial Paper programs (undrawn) 10 / 10
Acquisition facility (undrawn) 1.75
E.ON standalone
69
Indicative combined maturities
Funding plan
Takeover offer and purchase of RWE’s innogy loan are covered by existing cash and RWE’s payment
2019 funding needs: expected to be ~€1 billion (taking into account Jan. 2020 innogy bond maturity and the disposal of innogy’s Czech gas grid)
€1.75 billion undrawn acquisition facility available Regular funding volumes determined by
- refinancing of upcoming maturities - utilization of asset retirement obligations
Future annual funding needs estimated: €2-4 billion
Financing considerations
Maturities (€ bn) 2019 2020 2021
E.ON ~1.1 ~1.4 ~0.8
innogy2 ~2.0 ~0.8 ~1.7
1. Asset retirement obligations (‘AROs‘) : Indicative utilization of €0.5 billion p.a.2. Incl. senior bonds and 2019 RWE intercompany loan based on innogy‘s Fixed Income Investor Update 1st June 2018
0
2
4
FY 2019 FY 2020 FY 2021
E.ON maturities AROs innogy maturities
€ bn
1 2
70
E.ON Investor Relations contacts
T +49 (201) 184 2806investorrelations@eon.com
Martina Burger T +49 (201) 184 28 07Manager Investor Relations martina.burger@eon.com
Dr. Stephan Schönefuß T +49 (201) 184 28 22Interim Head of Investor Relations stephan.schoenefuss@eon.com
Andreas Thielen T +49 (201) 184 28 15Manager Investor Relations andreas.thielen@eon.com
Sebastian Gaßner T +49 (201) 184 28 05Manager Investor Relations sebastian.gassner@eon.com
Conny Ripphahn T +49 (201) 184 28 34Manager Investor Relations conny.ripphahn@eon.com
71
Financial calendar & important links
Financial calendar
May 14, 2019 2019 Annual Shareholders Meeting
August 7, 2019 Half-Year Financial Report: January – June 2019
November 13, 2019 Quarterly Statement: January – September 2019
March 25, 2020 Annual Report 2019
May 12, 2020 Quarterly Statement: January – March 2020
Important links
Presentations https://www.eon.com/en/investor-relations/presentations.html
Facts & Figures 2019 https://www.eon.com/content/.../presentations/facts-and-figures-2019.pdf
Annual Reports https://www.eon.com/en/investor-relations/financial-publications/annual-report.html
Interim Reports https://www.eon.com/en/investor-relations/financial-publications/interim-report.html
Shareholder Meeting https://www.eon.com/en/investor-relations/shareholders-meeting.html
Bonds / Creditor Relations https://www.eon.com/en/investor-relations/bonds.html
Transaction Website: http://www.energyfortomorrow.eu/
72
Disclaimer
This presentation contains information relating to E.ON Group ("E.ON") that must not be relied upon for any purpose and may not be redistributed, reproduced,published, or passed on to any other person or used in whole or in part for any other purpose. By accessing this document you agree to abide by the limitations set outin this document as well as any limitations set out on the webpage of E.ON SE on which this presentation has been made available.This document is being presented solely for informational purposes. It should not be treated as giving investment advice, nor is it intended to provide the basis for anyevaluation or any securities and should not be considered as a recommendation that any person should purchase, hold or dispose of any shares or other securities.The information contained in this presentation may comprise financial and similar information which is neither audited nor reviewed and should be consideredpreliminary and subject to change.Some of the information presented herein is based on statements by third parties. No representation or warranty, express or implied, is made as to, and no relianceshould be placed on, the fairness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purposewhatsoever.This presentation may contain forward-looking statements based on current assumptions and forecasts made by E.ON management and other information currentlyavailable to E.ON. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financialsituation, development or performance of the company and the estimates given here. E.ON does not intend, and does not assume any liability whatsoever, to updatethese forward-looking statements or to conform them to future events or developments.Neither E.ON nor any respective agents of E.ON undertake any obligation to provide the recipient with access to any additional information or to update thispresentation or any information or to correct any inaccuracies in any such information.Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded according to established commercialstandards. As a result, the aggregate amounts (sum totals or interim totals or differences or if numbers are put in relation) in this presentation may not correspond in allcases to the amounts contained in the underlying (unrounded) figures appearing in the consolidated financial statements. Furthermore, in tables and charts, theserounded figures may not add up exactly to the totals contained in the respective tables and charts.
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